Which of the following defines microcultures? A. Groups with similar values, beliefs, customs, and tastes B. Groups of consumers who identify with a specific activity or art form C. Groups that coexists with other groups in a larger culture D. Groups within a society whose members share a distinctive set of beliefs E. Ethnic groups that identify with their heritage

Mankiw attributes – chapter 1 and his 10 principles – differences in living standards within a countryover time and across countries at a moment in time to: a. the presence or absence of inflation and unemployment.b. the allocation of resources between private markets and the public sector.c. those that have dealt successfully with the efficiency v. equality tradeoff and those that haven’t.d. differences in productivity.e. ones that think at the margin and respond to incentives and those that don’t.